The corrosion under insulation (CUI) and spray-on insulation (SOI) coating market is anticipated to be valued at USD 2.1 billion by 2024. The market valuation is estimated to be USD 3.6 billion by 2034, projected at a CAGR of 5.3%.
The market is witnessing significant growth driven by various factors. Industries across sectors such as oil and gas, petrochemicals, power generation, marine, and construction are increasingly recognizing the critical importance of corrosion protection and insulation for ensuring the longevity, safety, and efficiency of their assets.
Stringent regulatory requirements and industry standards pertaining to environmental protection, worker safety, and asset integrity are compelling companies to invest in high-performance coatings. These coatings provide effective corrosion protection and offer thermal insulation properties, which are essential for maintaining operational efficiency and reducing energy consumption.
The adoption of preventive maintenance strategies by industries is fueling the demand for CUI and SOI coatings. Preventive maintenance helps minimize the risk of corrosion-related asset failures, reducing downtime, maintenance costs, and potential safety hazards.
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Technological advancements in coating formulations and application techniques are also driving market growth. Companies continuously innovate to develop coatings that offer superior corrosion resistance, adhesion, durability, and ease of application. A growing focus is on developing eco-friendly and sustainable coating solutions that comply with regulatory standards while delivering optimal performance.
The market is witnessing increased investment in research and development activities to address evolving industry needs and challenges. Collaborations between industry players, research institutions, and academia are leading to developing cutting-edge coating technologies that meet the stringent requirements of modern industrial applications.
Key Takeaways from the Market Study
- Under type, the epoxy segment is registered to expand at 5.1% CAGR by 2034.
- The United Kingdom is estimated to register at a CAGR of 6.5% by 2034.
- China experiences significant growth, projected at a CAGR of 5.9% by 2034.
- Based on the end-user, the marine segment is anticipated to expand at 4.8% CAGR by 2034.
“The increasing emphasis on preventive maintenance strategies by industries market is one significant driver of the corrosion under insulation (CUI) and spray-on insulation (SOI) coating market,” comments a Future Market Insights analyst.
Competitive Landscape
The competitive landscape of the corrosion under insulation (CUI) and spray-on insulation (SOI) coating market is characterized by a mix of global and regional players.
The companies compete based on product innovation, quality, pricing, and geographical presence, leveraging strategic collaborations and mergers to strengthen their market position and meet evolving industry demands.
Some of the key developments are:
- In June 2020, BASF, a German chemical manufacturer renowned for coatings, initiated a partnership with GACNE. This collaboration aimed to enhance GACNE’s paint shop operations and decision-making processes, potentially improving efficiency and product quality.
- In February 2020, PPG Industries Inc. joined forces with Dow as part of its Sustainable Future Program. The collaboration, facilitated by an undisclosed investment, focused on accelerating the development of low-carbon technologies, aligning with sustainability goals and industry demands for eco-friendly solutions.
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More Valuable Insights Available
Future Market Insights offers an unbiased global corrosion under insulation (CUI) and spray-on insulation (SOI) coating market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the corrosion under insulation (CUI) and spray-on insulation (SOI) coating market is segmented based on Type (Epoxy, Acrylic, Silicone, Others), End User Industries (Marine, Oil & gas, and petrochemical, Energy & Power, Others), and Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa).
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